Results 2,321-2,340 of 11,861 for speaker:Brian Hayes

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Under the current wording the Central Bank may exempt certain additional services which involve no undue risk to the credit union. This amendment removes the reference to "undue risk" in respect of additional services that the bank may exempt from the application requirements under section 48 of the Credit Union Act 1997. The wording may be too restrictive and limit the instances where the...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment inserts a new paragraph (d) into section 87(2) of the 1997 Act which allows the Central Bank to impose a regulatory direction on a credit union under section 87 where that credit union fails to comply with the terms and conditions of any stabilisation support given to the credit union under the Bill. If it does not comply with terms and conditions after funding has been...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 140 splits section 57(1) into two subsections to provide greater clarity regarding the effect of disclosure of information by ReBo on any duty of confidentiality or in any obligation under the Data Protection Acts. The proposed section 57(1) provides that a credit union which discloses information to ReBo does not breach any applicable duty of confidentiality and the new...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment adds a number of purposes for the credit union fund to those listed in section 50(2). This amendment sets out that discharging the expenses of ReBo, the cost of collecting levies due under the Act, and the expenses of the bank in exercising its functions are purposes of the credit union fund. It sets that out in the context of amendment No. 141.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 142 is a technical amendment to improve the consistency of terminology in this Part of the Bill by removing the references to "restructuring purposes" and replacing it with "for the purposes of restructuring under this Part". Amendment No. 143 removes the obligation on the Minister to obtain the bank's approval of an amalgamation or transfer of engagement under section...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 144 provides that the Minister may provide stabilisation support to a credit union from the credit union fund where requested to do so by the bank. The provision for the Minister to attach terms and conditions to any support provided is retained in this amendment. Those conditions are primarily intended to relate to the recoupment of funds provided as financial support under...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 149 deletes section 58(10). I am bringing forward an amendment to section 60 which provides the Minister with the power to make regulations prescribing the rate of contribution of credit unions to the credit union fund for the purposes of providing for the provision of stabilisation support under section 58(6). Stabilisation support will be made available out of funds raised...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: We have just dealt with amendment No. 149, Acting Chairman. I think you may have passed on to amendment No. 150. We were on amendment No. 149 but you asked if amendment No. 150 was agreed. We have yet to get to amendment No. 150.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 151 corrects a typographical error. Amendment No. 155 deletes unnecessary wording relating to section 61. Section 61 is a discretionary provision and therefore it is not appropriate to provide for an obligation to comply with that provision.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 152 sets out the Minister's powers to make regulations prescribing the rate of contribution or method of calculating the rate of contribution to the credit union fund by credit unions to provide the credit union fund with sufficient funds for the provision of stabilisation support. Section 60(2) already provides that the Minister may make regulations prescribing the contribution...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: As the expenses of the credit union restructuring board, ReBo, are to be paid from the credit union fund, section 49 is no longer required and therefore I propose its deletion.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Sorry?

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Some 50% will come from the sector and the other 50% will come from the Exchequer. The expenses will come from the fund.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 134 removes a typographical error in section 51(1)(a) and amendment No. 136 corrects a typographical error in section 51(4).

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that employees of auditors engaged by ReBo are subject to the non-disclosure of information provisions in this section. This amendment ensures consistency in the application of the non-disclosure provisions which the Bill currently applies to employees of agents, consultants and advisers appointed by ReBo.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 137 removes the requirement for the Minister for Finance to obtain the consent of the Minister for Public Expenditure and Reform before approving the appointment of staff by ReBo. The staff of ReBo will be paid out of the credit union fund and as a result, the consent of the Minister for Public Expenditure and Reform to their appointment is no longer required. ReBo can...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: I will read the speaking note relating to the section and return to the specific issues raised by the Senator. This section provides that ReBo may appoint as many members of staff and at such grades as it deems appropriate. The current text provides that ReBo must obtain the approval of the Minister, given with the consent of the Minister for Public Expenditure and Reform, before taking on...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that the board of ReBo may direct the chief executive to undertake certain functions relating to the accounts of ReBo. This amendment reflects the fact that the board of ReBo and not the chief executive is responsible for keeping the accounts of ReBo and submitting those accounts to the Comptroller and Auditor General. Therefore, it is appropriate for the chief...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: I am grateful to Senator Ó Domhnaill for raising this matter. It is worth pointing out, as one looks down through section 30 which deals with this question of liquidity and stress-testing, that as we have become aware of the principle of stress-testing within the banking system, the same principle should logically apply within the credit union sector. If that principle had not applied up...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment clarifies that sections 27B, 27G and 27H of the Central Bank Act 1997 continue to apply to credit unions. These sections relate to the duties of auditors to provide reports to the Central Bank. Section 27B already makes reference to section 122 of the Credit Union Act 1997. It relates to auditor management and statutory duty declarations. I should emphasise that this...